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- H1 revenues up 30.4% in comparison with H1 2021
- EBITDA up 25% in comparison with H1 2021
- Q3 gross sales up 19%
Eragny-sur-Oise, France, October 6th, 2022, 8:30 CET – Safe (FR0013467123 – ALSAF), an organization specializing within the design, manufacturing, and advertising and marketing of single-use applied sciences for spinal surgical procedures, publishes its financial results for the six months ended June 30, 2022 as permitted by the Board of Directors on October 5, 2022 and licensed by the statutory auditors, in addition to its revenues for the third quarter of 2022.
Financial results for the first semester 2022
Safe’s 2022 half-year financial report shall be out there on the Company’s web site (www.safeorthopaedics.com) by October 30, 2022 below the heading Investors > Documentation > Regulated Information.
| In 1000’s of euros – IFRS customary* | 30/06/2022 | 30/06/2021 | |
| Revenues – Direct gross sales | 1 114 | 773 | |
| Revenues – Indirect gross sales | 560 | 556 | |
| Revenues – Production subcontracting | 1 071 | 776 | |
| Adjusted complete revenues | 2 745 | 2 105 | +30,4% |
| Other revenue | 15 | 4 | |
| Purchases used and modifications in inventories | (994) | (1 425) | |
| External prices | (987) | (973) | |
| Personnel prices | (3 490) | (3 341) | |
| Other working bills | (765) | (377) | |
| Operating revenue / (loss) earlier than non-recurring gadgets | (3 478) | (4 006) | +13,2% |
| Other working revenue (bills) | 43 | (6) | |
| Operating revenue / (loss) | (3 434) | (4 012) | +14,4% |
| Financial revenue / (loss) | (464) | (204) | |
| Net revenue / (loss) | (3 897) | (4 216) | +7,5% |
| * Audited accounts |
Revenues of €2,760 thousand (together with different revenues of €15 thousand and publish IFRS15 influence of €80 thousand), up 31%, have been pushed by double-digit progress: 27% for Safe Orthopaedics and 38% for Safe medical.
Safe Orthopaedics’ progress was pushed by its direct gross sales exercise within the United States and France, even if gross sales sources have been optimized for the French gross sales pressure, and by secure oblique gross sales (up 26% on the first half of 2021).
Safe Medical’s progress is defined by elevated orders and a robust industrial dynamic to which historic prospects are entrusting an increasing number of built-in initiatives (+38% in contrast with the first half of 2021);
Purchases have been down due to a optimistic change in stock, due particularly to the rise in stock to serve US progress, assist the clinicpartner contract and the worldwide rollout of Hickory and Sycamore merchandise.
Personnel bills have been secure in comparison with H1 2021, as have been exterior bills, the steadiness of which is linked to the implementation of inside finances administration instruments and the lower in consulting charges offset by the rise in charges associated to medical research.
Other working bills have been up by €388 thousand as a result of influence of depreciation expenses (buy of recent manufacturing machines and their qualification at Safe Medical on the finish of 2021/starting of 2022) and expenses to provisions associated to present property (stock, commerce receivables). As beforehand communicated, the Group has internalized all its manufacturing and expects a relative lower in exterior bills.
It ought to be famous that EBITDA for the first half of 2022 is the same as €2,778k, an enchancment of 25% in comparison with the first half of 2021 when it was €3,706k.
Third quarter 2022 revenues
| In 1000’s euros | Q3 2022 (3 months) |
Q3 2021 (3 months) |
9M 2022 | 9M 2021
|
||
| Direct Sales | 707 | +40% | 506 | 1 887 | +43% | 1 318 |
| Indirect Sales | 249 | +0% | 248 | 808 | +1% | 804 |
| Subcontracting Sales | 441 | +5% | 420 | 1 543 | +26% | 1 221 |
| Total Sales | 1 397 | +19% | 1 174 | 4 238 | +27% | 3 342 |
*Unaudited. Excluding IFRS 15
In the third quarter, the Group grew by 27% within the Safe Orthopaedics perimeter and by 5% within the Safe Medical perimeter.
As within the earlier three quarters, Safe Orthopaedics achieved double-digit progress, pushed by direct gross sales within the United States and France.
Direct quarterly gross sales are up sharply, led by US gross sales at €212 thousand and French gross sales at €380 thousand, up 23% on the earlier 12 months. Since the start of the 12 months, a robust restoration of 43% has been famous in direct gross sales areas in comparison with the earlier 12 months.
Indirect quarterly gross sales are secure in comparison with final 12 months, reflecting the cautious restoration of distributors in all geographies.
Sales of subcontracted manufacturing (Safe Medical) have been up sharply by 26% over 9 months to €1,543k.
As a reminder, within the first, second and third quarters, Safe Medical had introduced gross sales progress of 26%, 48% and 5% respectively. Indeed, on the request of its prospects, the corporate had delivered merchandise earlier than the summer time shutdown of the manufacturing facility, thus explaining the sturdy progress within the second quarter and contained progress within the third quarter.
The cleanrooms generated their first third-party gross sales within the first half of the 12 months.
“Our first half of 2022 shows double-digit commercial growth in both our Safe Orthopaedics and Safe Medical entities as well as a 25% improvement in our EBITDA at the consolidated group level. Today, we are announcing a third quarter in line with the previous ones. The Group’s latest news, fully integrated production and the partnership with Wenzel Spine, are important milestones to continue to improve our financial results in the coming quarters and reinforce our potential to innovate in the global market” commented Pierre Dumouchel, President and CEO of the Safe Group. “We are aware that the Group’s financing and the international financial crisis are weighing heavily on the share price. However, we remain focused on our commercial execution and are working on opportunities to achieve financial balance as quickly as possible, which is essential to the revaluation of our group.”
Cash place
At June 30, 2022, the Group’s audited money place amounted to €0.2 million, in contrast with €3.9 million on the finish of June 2021. As a reminder, the remaining stability of the financing to be obtained quantities to a most of €2.4 million.
It is reminded that the press launch printed on December 10, 2021 lists the dangers associated to the financing, together with the danger of dilution induced by the financing by convertible bonds.
The influence of the share points linked to the conversion of the OCEANE bonds below the mentioned financing program on the funding of a shareholder holding 1% of the Company’s share capital on the launch date of this system, December 9, 2021 (on the premise of the variety of shares making up the Company’s share capital as at December 9, 2021, i.e. 54,113,396 shares) is summarized beneath:
| Participation de l’actionnaire | |||
| Total variety of shares | Non-diluted foundation | Diluted foundation(1) | |
| Before subject | 54.113.396 | 1,00% | 0,99% |
| Dilution at present date (after issuance of 187,632,338 shares ensuing from the conversion of the OCEANEs) | 241.753.024 | 0,22% | 0,22% |
| Final dilution, after subject of 240,000,000 new shares ensuing from the conversion of the OCEANE(2) | 481.753.024 | 0,11% | 0,11% |
- The diluted foundation takes under consideration the train of all present dilutive devices as of December 9, 2021, which might end result within the creation of a most of 581,599 new shares.
- Theoretical calculations made on the premise of a conversion carried out on the premise of the nominal quantity of the corporate’s share, i.e. 0.01 euro.
Next financial publication
Convenience discover of a unprecedented shareholders assembly, October 10, 2022 (after market shut)
Second-half 2022 revenues, January 10, 2023 (after market shut)
About Safe Group
Safe Group is a French medical expertise group that brings collectively Safe Orthopaedics, a pioneer in ready-to-use applied sciences for backbone pathologies, and Safe Medical (previously LCI Medical), a medical machine subcontractor for orthopaedic surgical procedure. The group employs roughly 150 individuals.
Safe Orthopaedics develops and manufactures kits combining sterile implants and single-use devices, out there at any time to the surgeon. These applied sciences are a part of a minimally invasive method geared toward lowering the dangers of contamination and an infection, within the curiosity of the affected person and with a optimistic influence on hospitalization occasions and prices. Protected by 18 patent households, SteriSpineTM kits are CE marked and FDA permitted. Safe Orthopaedics is headquartered within the Paris area (
95610 Eragny-sur-Oise) and has subsidiaries within the United Kingdom, Germany, the United States, and the Lyon area (Fleurieux-sur-l’Arbresle).
For extra data: http://www.safeorthopaedics.com/
Safe Medical produces implantable medical gadgets and ready-to-use devices. It has an innovation middle and two manufacturing websites in France (Fleurieux-sur-l’Arbresle, 69210) and in Tunisia, providing quite a few industrial companies: design, industrialization, machining, ending and sterile packaging. Supported by the French stimulus plan in 2020, the corporate invests in additive printing and shall be operational in 2022 on this new expertise.
For extra data: http://www.safemedical.fr/
Contacts
Safe Group
François-Henri Reynaud
Chief Financial and Administrative Officer
Tél. : +33 (0)1 34 21 50 00
[email protected]
- 20221005_PR- CA Q3 Resultat S1
